Bally's Corporation And Gamesys Group plc Shareholders Approve Business Combination
Bally's Corporation (NYSE: BALY) and Gamesys Group plc successfully received shareholder approvals for their proposed business combination on June 30, 2021. The transaction is expected to close in the fourth quarter of 2021, pending customary regulatory approvals. The merger aims to enhance Bally's growth strategy by integrating Gamesys' advanced gaming technology, creating a vertically integrated company poised to capitalize on the expanding U.S. online sports betting and iGaming markets.
- Shareholder approvals obtained for business combination with Gamesys.
- Merger set to enhance growth strategy and market position.
- Expected to create significant long-term shareholder value.
- Transaction subject to customary conditions and regulatory approval.
- Integration risks and unexpected costs associated with merging operations.
PROVIDENCE, R.I., June 30, 2021 /PRNewswire/ -- Bally's Corporation (NYSE: BALY) and Gamesys Group plc (LON: GYS) today announced that, at their respective meetings of shareholders held on June 30, 2021, each company obtained the requisite votes for all shareholder approvals related to the companies' proposed business combination. Closing of the transaction, which is subject to customary conditions including regulatory approval, is expected to take place during the fourth quarter of 2021. Relevant documentation can be found at https://www.ballys.com/gamesys-documentation.
Soo Kim, Chairman of Bally's Corporation's Board of Directors, said, "We are very pleased to have received our shareholders' support, enabling us to achieve this next milestone toward the transaction close. By combining with Gamesys, we will meaningfully accelerate our growth strategy to become a premier, global, omni-channel gaming company, which we believe will create significant long-term shareholder value. We look forward to closing the transaction later this year, and working with Lee and the rest of Gamesys' seasoned management team."
Lee Fenton, Gamesys' Chief Executive Officer, commented, "This combination represents a compelling opportunity to integrate Gamesys' market-leading gaming technology with Bally's growing U.S. gaming platform to create a vertically integrated company that is poised to capitalize on the rapidly expanding U.S. online sports betting and iGaming market. Given our comprehensive suite of collective assets and our track record of successfully developing online gaming operations in highly-competitive markets, we believe we will be able to offer customers a unique and differentiated approach to gaming."
Advisors
Bally's legal and financial advisors are Jones Day and Deutsche Bank. Gamesys' legal and financial advisors are Clifford Chance and Macquarie Capital.
About Bally's Corporation
Bally's Corporation is a leading regional casino-entertainment company with a growing omni-channel presence of online sports betting and iGaming offerings in the US. It currently owns and manages 14 casinos across 10 states, a horse racetrack in Colorado and has access to OSB licenses in 14 states. It also owns Bet.Works, a first-in-class B2B2C sports betting platform, Monkey Knife Fight, the fastest growing daily fantasy sports site in North America, and SportCaller, a leading global B2B free-to-play game provider.
With more than 6,000 employees, the Company's operations, pro forma for pending acquisitions, include 15,558 slot machines, 465 table games and 5,355 hotel rooms. Upon closing the previously announced Tropicana Las Vegas (Las Vegas, NV) transaction, as well as completing the construction of a land-based casino near the Nittany Mall in State College, PA, Bally's will own and manage 16 casinos across 11 states. Its shares trade on the New York Stock Exchange under the ticker symbol "BALY".
About Gamesys Group plc
Gamesys Group plc is the parent company of an online gaming group that provides entertainment to a global consumer base. Through its subsidiaries, Gamesys Group plc currently offers bingo and casino games to its customers using brands which include Jackpotjoy (www.jackpotjoy.com), Virgin Games (www.virgingames.com), Botemania (www.botemania.es), Vera&John (www.verajohn.com), Heart Bingo (www.heartbingo.co.uk), Monopoly Casino (www.monopolycasino.com), Rainbow Riches Casino (www.rainbowrichescasino.com) and MEGAWAYS Casino (www.megawayscasino.com).
Cautionary Note Regarding Forward-Looking Statements
This document includes forward-looking statements within the meaning of the securities laws. Forward-looking statements are statements as to matters that are not historical facts, and include statements about Bally's plans, objectives, expectations and intentions.
Forward-looking statements are not guarantees and are subject to risks and uncertainties. Forward-looking statements are based on Bally's current expectations and assumptions. Although Bally's believes that its expectations and assumptions are reasonable at this time, they should not be regarded as representations that Bally's expectations will be achieved. Actual results may vary materially. Forward-looking statements speak only as of the time of this document and Bally's does not undertake to update or revise them as more information becomes available, except as required by law.
Important factors beyond those that apply to most businesses, some of which are beyond Bally's control, that could cause actual results to differ materially from our expectations and assumptions include, without limitation:
- uncertainties surrounding the COVID-19 pandemic, including limitations on Bally's operations, increased costs, changes in customer attitudes, impact on Bally's employees and the ongoing impact of COVID-19 on general economic conditions;
- unexpected costs, difficulties integrating and other events impacting Bally's recently completed and proposed acquisitions and Bally's ability to realize anticipated benefits;
- risks associated with Bally's rapid growth, including those affecting customer and employee retention, integration and controls;
- risks associated with the impact of the digitalization of gaming on Bally's casino operations, Bally's expansion into iGaming and sports betting and the highly competitive and rapidly changing aspects of Bally's new interactive businesses generally;
- the very substantial regulatory restrictions applicable to Bally's, including costs of compliance;
- restrictions and limitations in agreements governing Bally's debt could significantly affect Bally's ability to operate our business and our liquidity; and
- other risks identified in Part I. Item 1A. "Risk Factors" of Bally's Annual Report on Form 10–K for the fiscal year ended December 31, 2020 as filed with SEC on March 10, 2021 and other filings with the SEC.
The foregoing list of important factors is not exclusive and does not include matters like changes in general economic conditions that affect substantially all gaming businesses.
You should not place undue reliance on Bally's forward-looking statements.
Investor Contact
Robert Lavan
Senior Vice President – Finance and Investor Relations
401-475-8564
InvestorRelations@twinriver.com
Media Contact
Richard Goldman / David Gill
Kekst CNC
646-847-6102 / 917-842-5384
BallysMediaInquiries@kekstcnc.com
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SOURCE Bally's Corporation; Gamesys Group plc
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